Building A Sustainable Business and Taking Care of Your Mental Health, With Sapphire Bates
Sapphire Bates is the founder of The Coven, an online platform and community providing a support network for female founders and business owners.
👉Having experienced rapid growth in her business, Sapphire is now focused on adapting how she works to ensure her business is sustainable and supports both her career goals and her mental health.
💥Today on The Wallet:
1️⃣ Sapphire tells me the role money and the desire for financial independence has played in building The Coven, and how her attitude towards money has evolved in the years since starting the business.
2️⃣ We discuss what it looks like to grow a business sustainably caring for yourself and your team in the process, and how implementing a 4-day work week is working for her team.
3️⃣ As business owners it’s hard to not compare ourselves to others, so Sapphire tells me how she manages feelings of comparison, her approach to taking risks and her advice to anyone wanting to start a new business.
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You can listen (46 min) and subscribe here:
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the importance of a support network
“I tried to pretend that money wasn’t a driver for me because it felt a bit uncouth to be chasing money, but actually, screw it, that does do it for me. I’ve always wanted to be financially independent.”
Sapphire recognised just how important it is to have a solid support network, especially for people who work alone and can sometimes feel isolated. That’s why it’s important to connect to like-minded people who simply get it.
It’s okay to be driven by money — financial independence is a very important part of life, and there’s nothing wrong with pursuing it.
If you want to start a business, think about how you can supplement your income to pay your bills. Sapphire highlights how she initially had to take on multiple jobs to get started with her floristry business.
·65% of self-made millionaires have at least three streams of income. As a founder, it’s important to have backup income streams in case one of them goes wrong.
While Sapphire is comfortable taking big risks, she still advises people have at least 6 months’ worth of savings to fall back on.
As a founder, it’s important to have a back-up plan if things do go wrong.
2. growing your business while caring for yourself
The reality of running a business is that sometimes, you’ll inevitably receive negative feedback. This is normal so try not to take it too personally.
Surround yourself with people who believe in you and can support you. When you do, it will be much easier to brush off the negativity.
If you feel like you’re on the verge of burning out, remember to try and go slowly. It might come at a financial cost, for you and your mental health matter more.
Ultimately, it’s important to acknowledge that taking care of your mental health is more important than how much you make. That’s why Sapphire implemented a 4 day work week for herself and her team.
Working less days in a week doesn’t necessarily mean you get less done: you just learn to prioritise your workload better. Being busy does not necessarily equate to productivity.
3. manage your feelings
It’s important to know why you’re doing what you’re doing. This way, when you find yourself starting to compare yourself to other businesses, you can remember why you’re in this.
Always come back to referencing your goals. If a certain task isn’t going to help serve your ultimate purpose, reassess it.
If you struggle with your mental health, consider therapy and maybe medications (always consult your GP first).
Learn how to simply do nothing (yes, that means no phones). It’s important to perfect the art of switching on and switching off.
Not everything has to be forever — it’s okay to start a business and then sell it if you’re no longer motivated by it.
If your motivation post-Covid has been lower, it’s totally normal and you’re not alone. Take your time to have space, and you’ll eventually get back into the swing of things!
RESOURCES:
You can follow and connect with Sapphire at:
Website: https://thecovengirlgang.com
Instagram: @thecovengirlgang
Twitter: @sapphirejbates
Resources:
*** Our podcast partners PensionBee are also offering you a £25 pension contribution (£20, plus £5 in tax relief) when you sign up. To claim the offer, follow this link: https://www.pensionbee.com/vestpod. Capital at risk. ***